Using technology to provide an integrated claims management ecosystem


3 ways using technology will improve your claims management ecosystem

Claims are complex entities with many moving parts. Claims staff must deal with multiple parties, from customers to third-party providers and channel partners. Often, they are handling the competing priorities of different parties all trying to reach the same goal. In today’s world of growing customer expectations, the customer needs to be at the heart of the claims process. But how does an insurer achieve efficiency and cost savings while giving customers an exceptional experience and satisfying the other parties involved? And what part does technology play?

What does a digitally integrated claims management ecosystem look like?

A crucial element of successful claims handling is providing a multi-user environment which promotes communication and transparency. If each party to the claim is working in isolation, then information can be mismanaged and not communicated to the relevant people. It can hinder decision making as claims staff don’t have access to all the data they need to make informed decisions.

Transparency throughout the process for all parties will build trust. Data-driven technologies ensure that information is available and accessible to the right people. They also keep parties accountable by providing a schedule for actions throughout the claims process. They encourage collaboration, improve efficiency and support best practice.

Using claims management software will give you a central repository for documents and communication records, allowing you to evaluate claims in real-time. It will also support risk evaluation and reduce the risk of fraudulent claims by flagging up patterns and identifying anomalies.

Seamless system integration

There are several factors to consider when choosing the right technology to improve your claims management process. The tech you use needs to integrate with both your internal and external third-party systems. It should also provide customers with a simple way of reporting a claim and keep them updated with progress. From a business viewpoint, the technology should boost efficiency, optimise workflows and have robust reporting and analytics capabilities.

If you haven’t already done so, migrating your data to the cloud will open up your options regarding new technology. Different technologies will be able to access your data from a single, secure storage facility. Platforms such as iPaaS will allow you to integrate your legacy and new systems with third-party providers' systems so that they can communicate with each other.
You won’t have direct control over your third-party providers’ working practices and technology capabilities. However, it’s advisable to choose partners who are on an equal footing with you in regards to technology.

It will ensure your customers receive a consistent service during the claims process, whether they’re dealing with internal staff or external service providers. For example, a customer may have only communicated with you through an online portal, but your uninsured loss recovery provider only provides a paper-based service. The policyholder will not get continuity of service, and this will harm their customer experience.

Investing in supplier relationship management software can also benefit claims management. It will enable you to keep track of your third-party providers, monitor and improve their performance and manage risk. Being in regular contact with your suppliers also enhances communication and improves resolution times when issues arise.

Improving the customer experience

Most insurers understand that any technology they introduce to improve claims management should be customer-centric. Today's customers are tech-savvy and self-sufficient. They prefer self-service and remote communication options, so technology which supports these choices is likely to improve the customer experience in claims.

Self-service online portals: customers can report claims, upload supporting documentation and receive updates on their claim status. The interface should be simple, intuitive and practical. A portal should also be responsive for all devices, in particular, mobile, which has overtaken desktop for web browsing traffic.

Omni-channel communication: providing several ways a customer can contact you, such as video or live chat, telephone, online, messaging and SMS services. Each channel should interact with the others so the customer can pick up where they left off whatever channel they use.

Chatbots: using Natural Language Processing, they can answer queries by interpreting questions and returning information from a knowledge base. They also free your staff up to deal with more complex queries.

Back-office automation: automating back-office processes using AI and Machine Learning can speed up claim settlement times. Claims staff can quickly collect and analyse data to help them make more informed, data-driven decisions.

Technology has the potential to remove many of the frustrations which customers and other parties may experience during the claims management process. Meeting the expectations of multiple parties is achievable when the right technology is used to achieve better outcomes. If you’re interested in exploring how to overcome the challenges of transforming claims operations, join us on the 17th of March at Digital Claims 2020.

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Authored by myComply Co-Founder & Chief Operating Officer Neil Reddekopp and AXA XL Senior Construction Risk Engineer James Stengel